Amazon.in has
announced the expansion of its Seller Lending Program through a strategic
partnership with YES BANK, India’s fifth largest private sector bank. The
partnership aims to develop synergistic solutions for Micro, Small and Medium
Enterprises (MSMEs) and SMEs across the country. YES BANK will help sellers on
Amazon.in to profitably grow their business during the festive season by
providing them comprehensive financial solutions ranging from current account,
trade services, forex, payment gateway, business lending and loan products.
Under the ambit of this program, YES BANK has already commenced relationships
with hundreds of sellers on
Amazon India with lending lines at various stages of disbursement.
This partnership marks
the beginning of YES BANK as the primary corporate banker to Amazon India and
will see the development of customized solutions for sellers of different scale
& size on Amazon.in. Sellers will have digital access to the payment and lending
solutions of YES BANK, ensuring speed in processes as well as personalization.
As part of this agreement, Amazon.in sellers benefit by getting additional
unsecured financing at competitive rates without much hassle which in turn
helps them increase their business on the Amazon portal resulting in a win-win
situation for all 3 parties viz. Seller, Amazon India and YES BANK.
Additionally, Amazon
India will provide special services and market access to YES BANK’s SME clients
enabling thousands of medium and small business owners and start-ups to access
millions of loyal customers of Amazon and become part of India’s growth
story.
Talking about
the program, Gopal Pillai, Director and GM, Seller Services, Amazon
India said, “Through our constant engagement with sellers, we
realized that lack of financial expertise can hinder the growth of small
businesses as they scale up which can impact their expansion rate. To help
sellers make the most of the festive season, we have partnered with YES BANK
under our Seller Lending Program to help them catalyse their growth on our
platform by offering them a comprehensive suite of financial solutions. We have
made the end to end process quick and easy allowing our sellers to focus on
their core business while we take care of providing them with hassle-free
financial solutions.”
Speaking on the
partnership, Pralay Mondal, Head, Retail Business Banking, YES BANK said,
“As a knowledge driven bank, YES BANK understands the specific needs of MSMEs
and we are proud to partner with Amazon India to provide comprehensive banking
solutions to Amazon sellers. We are also happy to mentor them by offering
subject matter expertise, intelligence and innovative financial solutions
driven by digitization.”
Earlier this year,
Amazon.in had launched its Seller Lending Program to enable SMEs to easily
access secured & unsecured loans between 5 lakh rupees to INR 2 crores at
very competitive interest rates. The company had partnered with Capital First,
a Mumbai-based independent Non-Banking Financial Company (NBFC) for this
program which has seen loans worth crores being dispersed to date. The
programme has been expanded to allow a wider gamut of sellers to scale up
before the crucial festive shopping season.
Since its launch in
June 2013, Amazon.in has been working extensively to launch services that meet
different business requirements of its 1.2 lakh seller base and help them grow
their business profitably online. From running an extensive education and
skilling program for SMEs called Seller University, offering Fulfilment
By Amazon (a pay-as-you-go fulfilment service wherein Amazon.in
packs, ships and delivers products to customers, manages returns and does
customer service on behalf of the sellers), innovating Easy Ship (an
assisted shipping service that makes it easy for sellers to ship products
across India), launching Seller Flex (bringing Amazon’s
flagship FBA experience to the seller’s doorstep by implementing the FBA
technology at sellers’ warehouses), introducing Amazon Tatkal (a
service-on-wheels to help SMEs get online within 60 minutes), to building
the largest storage capacity in ecommerce in India for sellers to the tune of
7.5 million cubic feet, Amazon.in has been helping sellers reach millions of
customers across the country.
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